The great thing about Medical
Spa treatments is they are generally not one time events. Almost
all of the treatments require the client to come back for more.
From Botox® to laser hair removal to microdermabrasion -
the results are temporary.
Giving you an opportunity to earn long-lasting customers and
revenue.
It will be
easy to get personally and financially overextended. The most
important thing you can do for your new MediSpa is draft a very
conservative monthly cash-flow projection, including sales forecasts
and cash payments. Remember the old adage, “It will cost
twice as much and take twice as long,” keep that in mind
when you do your projections.
As with any new business, you will have negative
cash flow for several months, so make sure you have enough capital
to cover your operating expenses and a cushion of three to four
months' worth of expenses to cover your fixed costs during the
startup phase. Leasing your equipment will help alleviate some
of these issues, in addition it will make it easy for you
to match your treatment revenues to a low monthly equipment lease.
You may also want to consider reducing your startup costs by
getting on a 90 day delayed-payment lease for your equipment
purchases.
Also key to preparation will be ensuring that
you have a trusted MediSpa manager who is experienced enough
to handle things when you are at your main practice. If you don't
have such a person on staff at your existing practice, begin
your search immediately. In addition, if you are looking at this
as a profit center, it will be nice when you decide to start
reducing your current work load if you have someone dependable
in place.
Choose your location wisely. You may want to
take the advice of a Medical Spa consulting service to ensure
you have the right location. It should have good traffic flow
and be in an area with sufficient commercial and residential
density.
If you don't maintain a customer database already,
start one immediately, and send out grand opening invitations
to all of your existing patients. You may find that this practice
alone will increase your business by up to 15%.
You could try offering an introductory service
at a special rate, or throw in a free service they may not have
considered (i.e. LED skin rejuvenation treatment).
In order to run a
successful Medical Spa you are going to need a selection of
top quality equipment that will produce visible results. Choose
your equipment carefully, whenever possible speak to references
who have actually used the equipment for at least a year.
This way you can get an unbiased opinion of the equipment.
In summary, be cognizant of the time and financial
commitments of opening a Medical Spa. Be prepared to get help
when you need it. You will need to hire the right type of people
to answer the phones and provide consultations, not having the
right people is an expensive lesson to learn. Don't exhaust your
hard earned cash buying what you can finance. |
